Economic Principles
An economic principle which states that individuals benefit from specializing (producing what they are good at) and exchanging with others
Trade makes people better off = trade is better than producing things by ones self
Which resource represents machines and buildings?
Capital Resources
What does a point inside or below the PPF represent?
It represents that we are not using our resources efficiently to maximize production
What is shortange?
What sport other than basketball did he play in high school?
Football
Different parts of the economy will specialize in buying and selling certain goods that people desire
Markets coordinate trade - places where people buy and sell work optimally to get people what they want
Which resource represents working hard to accomplish something?
Labor Resources
What does a point beyond the PPF line represent?
A point of production that we cannot achieve without more resources such as better machines or more workers
What is a good?
Something that is a physical object
What's his wife's name?
Savannah (Brinson) James
People respond to how they are rewarded or punished
Incentives matter (people respond to rewards and punishments)
Which resource represents knowledge which is being attained?
Human Capital - Job Training
What is an opportunity cost?
What you sacrifice by doing something else
What is a service?
An action such as doing work
How many times has he been named NBA MVP for a season?
Four Times
We have limited resources
Scarcity forces tradeoffs - we cannot have all things at once
Which resource represents creativity?
Entrepeneurship
What is a PPF?
A graph that shows the combinations of two goods that could be produced by an economy or a business
In economics, how much do we say people want?
People always want more - our wants are unlimited
In what year did LeBron win the Rookie of the year award?
2004
A punishment that might happen to you that you aren't aware of
Future consequences count - there are consequences that affect us in the future and are often hidden
Which resource represents energy and electricity
Land Resources (it also includes anything else that comes from nature)
What is the relationship between a PPF and opportunity cost?
As you move along a PPF, you are sacrificing the opportunity of producing more of one good to produce more of the other good
What's the difference between scarcity and shortage?
Scarcity means the supply is not infinite - shortage means you are need more urgently
In what year did LeBron win his first nba championship?
2012